AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Business & Finance

World Bank Pakistan chief refutes reports indicating delay in loans' approval

  • Says lender decides on timing for sharing project proposals following due process
Published January 19, 2023

World Bank Country Director for Pakistan Najy Benhassine said on Thursday that “press reports that refer to a World Bank decision to delay approval of potential bank operations in Pakistan are unfounded.”

“The tentative board approval dates of all of our proposed operations, as well as their amounts, are indicative and the World Bank decides on the timing for sharing project proposals for board consideration following due process and based on the proposed projects’ readiness.”

On Wednesday, news circulated that the multilateral lender had delayed the approval of two loans for Pakistan worth $1.1 billion until the next fiscal year, pending some steps on the country’s energy debt and tariffs.

The approval of the loans has been pending since June. Pakistan’s next fiscal year starts in July.

A major issue is the circular debt management plan in the energy sector and tariff revision.

Pakistan is still reeling from devastating floods that have led to losses of more than $30 billion. Foreign exchange reserves held by the State Bank of Pakistan fell to $4.3 billion earlier this month, barely enough for three weeks of imports.

At an event on Wednesday, Governor State Bank of Pakistan (SBP) Jameel Ahmad expressed optimism that Pakistan’s foreign exchange reserves position will improve as the country is expected to witness inflows of funds in the coming days.

“We are expecting inflows from next week onwards, which would reduce pressure on our foreign exchange reserves,” the SBP governor said in his address at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Karachi.

Ahmad expressed his commitment to addressing the issues of industrialists and said the FX reserves of the country have depleted to a low level. “However, we will see a surge in reserves as projects in the pipeline will soon start to materialise, which will improve our capacity to facilitate businesses,” he said.

At another event on Wednesday, Ahmad said that the UAE has rolled over $2 billion loan and assured the businessmen of facilitating their imports on a suppliers’ credit.

During a meeting with the office-bearers and members of the Karachi Chamber of Commerce and Industry (KCCI), he said that the UAE rolled over $2 billion.

A large number of importers present in the meeting demanded of the central bank for the immediate release of nearly 5,700 containers of import goods, which are stuck at seaports and sought the EFI permission for imports.

Comments

Comments are closed.

Waseem Jan 19, 2023 08:15pm
Long battle to fight. Petitions, appeals, reviews, single bench, double bench, larger bench, high courts, Islamabad high court, supreme court.....
thumb_up Recommended (0)